SmartStop Self Storage REIT Inc
smartstopselfstorage.comWhat Do They Do?
Owns and operates self-storage properties that rent units to households and businesses, and manages properties for real estate owners and sponsored investment trusts.
10-K for FY2025, filed Feb 27, 2026We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan…View ↗
Further, through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a…View ↗
Effective October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage…View ↗
The customer base of self storage operators includes both local residential customers, typically within a 3- to 5-mile radius of the…View ↗
Commercial customers tend to include small business owners who require easy and frequent access to their goods, records, extra inventory or…View ↗
We operate in two reportable business segments: (i) self storage operations and (ii) our Managed Platform business. Our self storage…View ↗
How Do They Make Money?
Renters pay for storage under leases that generally run month to month; owners of managed properties pay monthly property and asset management fees. The company also earns fees from tenant protection plans and supplies, and receives reimbursement for certain management costs as those costs are incurred.
10-K for FY2025, filed Feb 27, 2026Management believes that all of our leases are operating leases. Rental income is recognized in accordance with the terms of the leases…View ↗
Additionally, we earn ancillary revenue from fees we receive related to providing tenant insurance or tenant protection plans to customers…View ↗
As applicable, we earn property management and asset management revenue, pursuant to the respective property management and advisory…View ↗
Under ASC 606, direct reimbursement of such costs does not represent a separate performance obligation from our obligation to perform…View ↗
$281.1M
-
10-K for FY2025, filed Feb 27, 2026
$281.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Self Storage Rental Revenue
Recurring
10-K for FY2025, filed Feb 27, 2026 |
85%
FY2022: 90%
|
Self Storage Rental Revenue, FY2025
$238.5M Sources
|
Recurring |
|
Ancillary Operating Revenue
|
3.9%
FY2022: 4.0%
|
Ancillary Operating Revenue, FY2025
$11M Sources
|
|
|
Managed Platform revenue
Recurring
|
6.8% |
Managed Platform revenue, FY2025
$19.2M Sources
|
Recurring |
|
Reimbursable costs from Managed Platform
|
4.4% |
Reimbursable costs from Managed Platform, FY2025
$12.5M Sources
|
Who Are Their Customers?
Local households and small businesses rent units at its facilities, alongside military and student users; the company also manages storage properties for sponsored REITs and third-party owners.
10-K for FY2025, filed Feb 27, 2026The customer base of self storage operators includes both local residential customers, typically within a 3- to 5-mile radius of the…View ↗
Commercial customers tend to include small business owners who require easy and frequent access to their goods, records, extra inventory or…View ↗
While military and student users are a smaller portion of the overall mix, the mix tends to vary by location of the facility, with…View ↗
Further, through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a…View ↗
Effective October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage…View ↗
Do Revenues Turn Into Profits?
No. It lost $8.8M in FY2025.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
$11.2MView ↗
- ▲ Now profitable
- vs −$8.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
-
Aug 5, 2026
Raised 2026 guidance for same-store operating income and adjusted funds from operations per share
The company attributed the increases to improvements in its core operations.
Sources
8-K, filed Aug 5, 2026
“We posted a strong quarter of growth, highlighted by 17.6% year over year increase in our Funds from Operations as Adjusted per share,”…View ↗
Growing. Revenue grew 67% in 4 years, from $168.8M in FY2021 to $281.1M in FY2025, about 14% a year.
Third-party property management
The earlier report describes managing properties for sponsored REITs; the latest also describes a third-party platform serving outside property owners, expanded through the Argus acquisition.
10-K for FY2022, filed Mar 3, 2023 10-K for FY2025, filed Feb 27, 2026As discussed herein, we, through our subsidiaries, currently serve as the sponsor of SST VI and SSGT III. We also served as the sponsor of…View ↗
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